Strata insurance New South Wales

Essentials cover

Under NSW law – the Strata Schemes Management Act 2015 (NSW) and other legislation – some things will be automatically covered by your Flex Residential Strata Insurance, including insurance for:

• Your residential property – we cover the cost of damage or repairs to buildings and common facilities and areas, such as the structural floors and ceilings, balconies and balustrades, external walls and windows, entries, stairwells and steps, and the building’s first fix plumbing and electricals.
• Your liability to others – if someone suffers an injury or property damage while at your address, this covers the expenses and costs that your owner’s corporation is required to pay due to negligence.
• Voluntary workers cover – insurance for anyone who is injured while doing unpaid work for your owners corporation.

Optional inclusions

Once the basics are covered, Flex lets you tailor your policy to include the extra things you want to insure, such as:

• Fidelity guarantee – is what covers your owners corporation for any loss due to theft, dishonesty or fraud by a third party
• Office bearer legal liability – can help cover the cost of legal fees if there is a claim against your strata committee members, and any damages or costs you’re ordered by a Court to pay.
• Machinery breakdown cover – comes in very useful if you have lifts, water pumps, shared washing machines or common air conditioners. They can easily breakdown and cost a lot to fix.
• Catastrophe cover – when widespread declared disaster strikes – like bushfire or cyclone – the costs of repairs sky-rockets because of demand for tradespeople. This cover looks after those increased expenses.
• Government audit costs and legal expenses cover – provides cover in the event of a government audit, protection if the Owners Corporation needs to appeal an unreasonable Order imposed by a statutory body and provides cover for legal defence costs
• Lot owners fixtures and improvements – often overlooked, but improvements and renovations to a unit which an Owners Corporation is unaware can take the actual cost of building repairs well above the estimated value of the building. This option covers that shortfall.

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Important documents

Reference: Fair Trading NSW – responsibilities of the owners corporation